On September 27, the Federal Reserve Bank of Dallas announced that President and CEO Rob Kaplan will retire from the bank effective October 8, 2021. He has served as the 13th president and CEO of the Dallas Fed since 2015. Prior to that, he was the Martin Marshall Professor of Management Practice and a senior associate dean at Harvard Business School. Meredith Black, first vice president, has agreed to delay her impending retirement to serve as interim president during this transition.
“It has been my great honor to serve as the president and CEO of the Federal Reserve Bank of Dallas for the past six years and to work with the superbly talented professionals at the bank who are helping to build a stronger economy for all communities in the 11th District and our nation,” Kaplan says. “It also has been a privilege to work with my Federal Reserve System colleagues and serve as a member of the Federal Open Market Committee.
“The Federal Reserve is approaching a critical point in our economic recovery as it deliberates the future path of monetary policy,” he continues. “Unfortunately, the recent focus on my financial disclosure risks becoming a distraction to the Federal Reserve’s execution of that vital work. For that reason, I have decided to retire [from] the Federal Reserve Bank of Dallas. During my tenure, I have adhered to all Federal Reserve ethical standards and policies. My securities investing activities and disclosures met bank compliance rules and standards. I am proud of the work we have done at the Dallas Fed during the past six years and am confident that my colleagues will continue to play a vital role in supporting our nation’s economic recovery.”
“[Kaplan] has been a passionate and forceful public voice on a wide range of issues, including the critical value of early childhood education and literacy,” says Jerome Powell, chair of the Federal Reserve System Board of Governors. “In addition, he strengthened the bank’s economic research and played a very constructive role in systemwide management, budget and technology efforts. We wish him well.”
Greg L. Armstrong, chair, and Thomas J. Falk, deputy chair of the Federal Reserve Bank of Dallas board of directors—on behalf of and with the unanimous endorsement of the board—issued the following statement:
“Robert S. Kaplan has served as president and CEO of the Federal Reserve Bank of Dallas for the past six years, providing strong leadership and making meaningful contributions to the bank, the Federal Reserve System and our country. He brought a critical set of skills to the Dallas Fed and Federal Open Market Committee stemming from his extensive career in the financial sector and higher education.
Rob also made great progress toward his goal of increasing the positive impact of the Dallas Fed on the Federal Reserve System, particularly in the area of economic research thought leadership. Rob also continued and substantially enhanced the involvement and positive impact on the communities of the 11th Federal Reserve District.
Under Rob’s leadership, the Dallas Fed has elevated its role as a convener to bring interested people together to solve problems that are restricting the economic performance of their communities. Rob was able to accomplish these things by emphasizing talent development at the Dallas Fed with a focus on diversity, equity and inclusion.
Rob made the decision to retire as president and CEO of the bank…to eliminate any distractions to the Federal Reserve System surrounding his personal investment activities. Upon joining the bank, Rob systematically sold all of his personal holdings related to financial institutions over which the Federal Reserve had regulatory oversight or were otherwise restricted. Rob also conducted his investment activities in accordance with the rules and policies of the Federal Reserve System.
So, while the board of the Dallas Fed understands Rob’s motivation to put the Federal Reserve System above any personal considerations, we accept his retirement with deep regret and believe the nation and the 11th District will feel the impact of the loss of his leadership.
The Dallas Fed board thanks Rob for his many contributions and wishes him the best in his future endeavors. He will be missed.”
